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The Digital Business Kit for Retailers

Learning Outcomes

Retailers will identify the type of Business Intelligence that can be accessed to inform their business plan. [printfriendly]

mod-arrow Why Use Business Intelligence?

Making retail business decisions are typically motivated by the baseline desire to increase profit, market share, sell more and do it with increased efficiency. Business intelligence is a way to stop questions like “I think we might make more money on this item” or “it seems like people like the purple version of our gadget”; it gives business owners FACTS to make better decisions with.

The return on investment (ROI) for BI can be very significant and the implementation does not necessarily have to be have to be complicated or expensive.

Reporting applications are an important way to present data and easily convey the results of analysis.

“With all the modern, user-friendly BI tools, there’s absolutely no reason why excel-savvy business users can’t create 80% of their own business reports and dashboards,” said Evelson, Forrester’s principal BI analyst.  “That will free up BI managers and IT professionals to focus on the more strategic aspects of deploying business intelligence systems”, he added.(Source)